OurMoneyMarket Secured Personal Loan
- Interest Rate (p.a.)
- 6.57% to 18.99%
- Comp. Rate (p.a.)
- 7.19% to 21.78%
- Min Loan Amount
- $5,000
Summary
OurMoneyMarket's Secured Personal Loan has a competitive fixed rate for borrowers with Excellent credit. Plus there's no monthly fee.
3 things to consider about this loan:
- Secured rate. You need to provide an asset as security to get this loan.
- Fixed rate. Your interest rate remains fixed for the life of the loan.
- Application fee. This fee varies depending on your loan amount.
Pros
-
Competitive interest rates
-
Fast online application
-
No monthly fee
Cons
-
You need to provide security for the loan
-
There is an application fee
Details
Product details
| Product Name | OurMoneyMarket Secured Personal Loan ($5,000-$75,000) |
| Interest Rate (p.a.) | 6.57% to 18.99% |
| Comp. Rate (p.a.) | 7.19% to 21.78% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $75,000 |
| Loan Security | Secured |
How do OurMoneyMarket Secured personal loans work?
OurMoneyMarket offers secured, fixed personal loans with rates between 6.57% (comparison rate 7.19%) and 18.99% (comparison rate 21.78%). The rate you will get depends on your credit score and other factors.This loan has a fixed interest rate but no early repayment fees. You can borrow between $5,000 and $75,000.
How to apply
To be eligible for this loan, you must:- Be at least 18 years old
- Be an Australian citizen or permanent resident
- Be actively employed or receiving a pension
- Be receiving a regular income (Centrelink can be used as a secondary income)
- Not be in financial hardship with another lender
- Not be a current or prior bankrupt or party to a court judgement
What features does this loan have?
- Fast online application. You can apply and get approved in minutes if you meet OMM's eligibility criteria.
- No ongoing fees. Unlike most personal loans, you won't pay a monthly service fee.
- Flexible repayments. You can choose weekly, fortnightly or monthly repayments.
- No exit or early repayment fees. You can pay this loan off early without penalty.
- Secured or unsecured. Either option will be offered based on your credit assessment. This review references the secured loan. You can get details of the unsecured loan in our review.
How much does an OurMoneyMarket Secured personal loan cost?
This loan has the following fees and charges:
| Cost | Amount |
|---|---|
| Interest rate | Fixed from 6.57% to 18.99% |
| Comparison rate | Fixed from 7.19% to 21.78% |
| Application fee | 1.50% - 6% of loan amount. Minimum fee $250. |
| Ongoing fee | $0 |
| Arrears fee | $35 |
Your reviews
Richard Finder
Editor
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